Gold Tumbles Most Since July (As Bitcoin Bounces)

Gold is down over 1% this morning, extending recent weakness to 3-week lows on the basis that the world didn’t end (and the debt ceiling was extended) we presume. Notably, both USDJPY and Bitcoin are mirroring the precious metal’s move…

It seems gold’s stop-run over the election night highs prompted the reversal…

Kuroda has been busy the last week or so saving the world with Yen-carry trades…

But it seems the sudden realization that China’s crackdown in crypto is not such a big deal has prompted some rotation…

The dollar index is on the rise also.

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J&K Bank cuts interest rate on savings account to 3.5%

Public sector lender Jammu and Kashmir Bank (J-K) has lowered interest rate on its savings bank accounts by 0.50 per cent to 3.50 per cent with effect from today, following the industry trend.

“The bank has revised the interest rate on savings bank deposit accounts with effect from September 12, 2017. The revised interest rate on domestic/NRO/NRE rupee savings bank deposits is revised to 3.5 per cent per annum from 4 per cent per annum,” the bank said in a regulatory filing.

The interest rate cut primarily began with industry leader SBI slashing it 0.50 per cent to 3.50 pr cent for deposits up to Rs 1 crore on July 31 this year.

So far, nearly two-dozen banks, both public and private, have cut interest rate in various quantum on deposits they pay to customers.

Shares of J&K Bank traded 2.70 per cent up at Rs 81.70 on BSE.

The Aftermath of Irma

Although the greatest fears of those closely watching Hurricane Irma as it approached the Florida coast the West coast Gulf of Mexico side as opposed to a direct hit on Miami Beach and complete engulfment of the entire state were better than anticipated we ll still be looking at